Noble, which has headquarters in Houston, said it encountered approximately 120 feet of net natural gas while drilling into its Cyprus A-2 well in the Levant basin in the Mediterranean Sea.
The company said evaluation of drilling data led it to believe there may be as much as 6 trillion cubic feet of natural gas in the entire Cyprus A region, making Cyprus A the third largest field ever discovered in the Levant basin.
"Results from the Cyprus A-2 well have confirmed substantial recoverable natural gas resources and high reservoir deliverability," Keith Elliott, a vice president for Noble in the Eastern Mediterranean, said in a statement Thursday.
The Cypriots have discussed coordinating with their Lebanese counterparts on offshore reserves.
The Mediterranean island nation is considered frontier energy territory. Its offshore area could hold nearly 12 trillion cubic feet of natural gas reserves.